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August 29, 2024
Ex-SPAC Agrees To Face 'Springing Penalty' In SEC Case
Former blank check company National Energy Services Reunited Corp. has agreed to pay the U.S. Securities and Exchange Commission $400,000, with a potential additional penalty of $1.2 million if it doesn't undertake certain remediation efforts, over alleged financial reporting and controls failures stemming from its acquisition of 2 companies.
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August 29, 2024
Schwab's 'Cash Sweep' Paid For TD Ameritrade Buy, Suit Says
The Charles Schwab Corp. has been hit with a proposed class action in California federal court by three customers alleging that the investment bank obtains "outsized benefits" from its cash sweep programs and used a significant amount of the cash to finance its $26 billion acquisition of TD Ameritrade Holding Corp. several years ago.
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August 29, 2024
NLRB Rejects Amazon Challenges To Staten Island Union Win
The National Labor Relations Board rejected Amazon's challenge to the results of a union's election victory at a Staten Island, New York, warehouse, saying Thursday the company did not present strong enough evidence that the union's conduct interfered with workers' choice in the election.
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August 29, 2024
Nigerian Fintech Ex-CEO Hit With $32M Fine In SEC Fraud Suit
A New York federal judge has levied a nearly $32 million penalty against a Nigerian businessman whom the U.S. Securities and Exchange Commission has accused of fraudulently inflating the value of his food and agriculture technology businesses, while also ordering him and various affiliated businesses to cough up hundreds of millions of dollars in disgorgement and prejudgment interest.
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August 29, 2024
Nektar Can't Get Docs It Says Show Lilly As 'Thieves, Liars'
A California federal judge Thursday rejected Nektar Therapeutics' request for internal Eli Lilly documents related to separate litigation as Nektar pursues allegations Eli Lilly ruined prospects for a drug the companies were developing together despite Nektar's counsel saying it would "expose Lilly for being thieves, liars."
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August 29, 2024
Class Attys Seek Chancery Doc Sanctions In Santander Suit
An attorney for Santander Consumer USA Holdings Inc. stockholders urged a Delaware vice chancellor Thursday to exercise the court's "common law" document retention enforcer role during arguments for sanctions against the big auto lender's board, controller and parent for deleting messages before a $2.5 billion minority squeeze-out merger.
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August 29, 2024
4th Circ. Won't Revive Whistleblower's Credit Suisse Tax Suit
The Fourth Circuit upheld the dismissal of a former Credit Suisse employee's whistleblower case that alleged the Swiss bank continued to help clients evade taxes after it made a related plea deal with the U.S., saying a 2023 U.S. Supreme Court decision on the False Claims Act could not save the case.
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August 29, 2024
DOJ Calls Former Googler's Ad Tech Testimony 'Essential'
The U.S. Department of Justice urged a Virginia federal judge Wednesday not to let former Google vice presidents and other company managers avoid testifying at next month's advertising technology monopolization trial, arguing their testimony is important and was properly subpoenaed.
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August 29, 2024
Backpage Co-Founder Gets 5 Years In Prostitution Case
The co-founder of defunct classifieds service Backpage.com was sentenced in Phoenix federal court to five years behind bars after he was convicted for his role in a $500 million prostitution scheme, the U.S. Department of Justice said Wednesday.
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August 29, 2024
Albright Boots $8B EV Trade Secrets Suit For Improper Venue
U.S. District Judge Alan Albright tossed out a $7.8 billion trade secrets dispute between two electric vehicle companies, adopting a federal magistrate judge's recommendation that the case should be handled in Israel where he said both companies and the majority of the individuals related to the matter already are.
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August 29, 2024
JPMorgan Says Ex-Adviser Poached Clients Worth $13M
JPMorgan Chase has accused a former adviser of attempting to solicit clients for Wells Fargo, an effort JPMorgan alleged has so far been successful in converting 16 clients worth $13 million to its competitor.
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August 29, 2024
Publishers, Authors Sue Fla. Over School Library Book Bans
Six publishing houses; five bestselling authors, including Jodi Picoult and Laurie Halse Anderson; and two parents of schoolchildren filed a challenge Thursday to a Florida state law that restricts books in school libraries in what they say is an overly broad, unconstitutional manner.
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August 29, 2024
National Labor Relations Board Appoints 1st Chief AI Officer
The National Labor Relations Board on Thursday announced the appointment of an assistant general counsel and e-litigation chief as the agency's first-ever chief artificial intelligence officer.
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August 29, 2024
Bankruptcy Judge Allows Red Lobster To Reject 23 Leases
Troubled seafood chain Red Lobster gained a Florida bankruptcy judge's approval for its proposal to reject leases of an additional 23 restaurant locations slated to close at the end of the month.
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August 29, 2024
Foley & Lardner Must Face Ex-Clients' Breach-Of-Duty Action
A Texas appellate court has reversed a decision that let Foley & Lardner LLP escape a suit filed by two partners in an oil and gas venture who allege that the firm failed to disclose conflicts of interest and misused their confidential information after representing them in several matters.
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August 29, 2024
Nippon Pledges $1.3B For US Steel In Quest For US Approval
Nippon Steel Corp. has pledged to inject an additional $1.3 billion into United States Steel Corp. facilities as the Japanese company looks to get over the finish line with U.S. regulators on its controversial $14.9 billion merger proposal.
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August 29, 2024
Marathon Oil Stockholders Approve $23B ConocoPhillips Deal
Marathon Oil Corp. said Thursday it has received the necessary stockholder approval for its pending $22.5 billion merger with ConocoPhillips, as the companies race to get the deal done amid an ongoing U.S. regulatory review.
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August 29, 2024
Under-The-Radar Gov't Contracts Cases: Midyear Report
Alongside blockbuster rulings so far this year shaking up the federal contracting landscape are lower-profile decisions with noteworthy legal outcomes, addressing issues such as when late submissions matter, when they don't, and whether local wage requirements can affect federal contracts. Here are four lower-profile decisions from the first half of 2024 with significant legal findings that could impact federal contractors.
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August 28, 2024
Calif. Assembly OKs 1st-Of-Its-Kind AI Safety Bill
California lawmakers on Wednesday approved a groundbreaking proposal that would set safety and security standards for large artificial intelligence models.
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August 28, 2024
Merck Must Face Class Claims In Vaccine Antitrust Suit
Merck cannot strike class claims in antitrust litigation over its rotavirus vaccine, a Pennsylvania federal judge ruled Wednesday, while also allowing the city of Baltimore to eliminate redundancies in its complaint.
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August 28, 2024
Telegram CEO Indicted In France Over Crimes On Platform
Paris prosecutors on Wednesday unveiled wide-ranging criminal charges against Pavel Durov, the founder and CEO of encrypted messaging-platform Telegram, accusing him of aiding illegal child-pornography, fraud and other crimes and obstructing investigations, and barring him from leaving the country.
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August 28, 2024
Feds Say Multimillion-Dollar 'Surge' Scheme Bilked Uber Riders
New York federal prosecutors on Wednesday accused two men of leading a yearslong scheme that allowed hundreds of Uber drivers to use illicit apps, including some named Screwber and FakeGPS, to manipulate the rideshare market and gain millions of dollars from riders in fraudulent surge fees.
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August 28, 2024
Ex-Exec's $1M Suit Accuses Houston McNair Family Of 'Coup'
A longtime employee of the Houston McNair family has accused the children of late businessman Bob McNair of staging a "coup" to oust him from the family's companies, denying him more than $1 million in post-termination benefits in the process.
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August 28, 2024
Capital One Says Merger's Pending Approval Tanks Challenge
Capital One urged a Virginia federal judge to toss or pause a lawsuit challenging the bank's proposed $35 billion acquisition of Discover Financial Services, saying the suit's claims are too speculative and contingent on unknown future events since they depend entirely on the acquisition receiving regulatory and government approval.
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August 28, 2024
Boston Consulting Group Avoids FCPA Prosecution, Feds Say
The U.S. Department of Justice has declined to prosecute Boston Consulting Group Inc. for former employees' alleged bribery of Angolan officials because of the management consulting firm's self-disclosure of the misconduct, as well as its cooperation, remediation and disgorgement of more than $14.4 million.
Expert Analysis
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Tips For Tax Equity-Tax Credit Transfers That Pass IRS Muster
Although the Internal Revenue Service has increased its scrutiny of complex partnership structures, which must demonstrate their economic substance and business purpose, recent cases and IRS guidance together provide a reliable road map for creating legitimate tax equity structures, say Ian Boccaccio and Michael Messina at Ryan Tax.
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2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing
The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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DOJ Paths To Limit FARA Fallout From Wynn's DC Circ. Win
After the D.C. Circuit’s recent Attorney General v. Wynn ruling, holding that the government cannot compel retroactive registration under the Foreign Agents Registration Act, the U.S. Department of Justice has a few options to limit the decision’s impact on enforcement, say attorneys at MoFo.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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Opinion
USPTO AI Patent Guidance Leaves Questions Unanswered
The U.S. Patent and Trademark Office’s recent guidance on artificial intelligence patent eligibility is unlikely to answer many of the open questions that AI patent applicants face, as it includes nominally new analysis that applicants can adopt to analyze their inventions, say attorneys at Fenwick & West.
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Gilead Drug Ruling Creates Corporate Governance Dilemma
If upheld, a California state appellate court's decision — finding that Gilead is liable for delaying commercialization of a safer HIV drug to maximize profits on another drug — threatens to undermine long-standing rules of corporate law and exposes companies to liability for decisions based on sound business judgment, says Shireen Barday at Pallas.
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Class Action Law Makes An LLC A 'Jurisdictional Platypus'
The applicability of Section 1332(d)(10) of the Class Action Fairness Act is still widely misunderstood — and given the ambiguous nature of limited liability companies, the law will likely continue to confound courts and litigants — so parties should be prepared for a range of outcomes, says Andrew Gunem at Strauss Borrelli.
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Jarkesy Ruling May Redefine Jury Role In Patent Fraud
Regardless of whether the U.S. Supreme Court’s Jarkesy ruling implicates the direction of inequitable conduct, which requires showing that the patentee made material statements or omissions to the U.S. Patent and Trademark Office, the decision has created opportunities for defendants to argue more substantively for jury trials than ever before, say attorneys at Cadwalader.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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How Justices' E-Rate Decision May Affect Scope Of FCA
The U.S. Supreme Court’s eventual decision in Wisconsin Bell v. U.S., determining whether reimbursements paid by the E-rate program are "claims" under the False Claims Act, may affect other federal programs that do not require payments to be made by the U.S. Department of the Treasury, says David Colapinto at Kohn Kohn.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling
While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.